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BusinessWhat are the most common Bitcoin scams and tips to avoid them?

What are the most common Bitcoin scams and tips to avoid them?

Bitcoin is a virtual currency that has changed the way people make payments. It is arguably the most popular cryptocurrency, but it still comes with several risks. Bitcoin is still the target of hackers because it is a decentralized cryptocurrency. Be sure to research why bitcoin is banned and know the crucial aspects of its legality around the world. There are several scams on the internet that try to trick people into stealing bitcoins. Some of these Bitcoin scams are as follows:

Fraudulent gifts

Bitcoin is a valuable cryptocurrency, so one of the easiest ways to attract people is to give them free bitcoins. There are several bogus giveaways out there that claim to provide you with free bitcoin in exchange for sending bitcoin to a certain wallet address. In such scams, the fraudster will ask you to make a bitcoin payment to a specific address. But when you send bitcoin to this address, no bitcoin reward is returned to you. You will simply lose your bitcoins forever, and the worst part is that bitcoin transactions are irreversible, so you won’t be able to get them back.

There are different types of bogus scams on the internet, as some of them may ask you for cryptocurrency other than bitcoin; Moreover, in some scams, they even ask for the private keys and claim to give bitcoins in exchange. These bogus giveaways are spread on popular social media sites, so you need to be careful while using your social media account and keep this in mind so that you don’t fall into the trap of a fake scam and end up send your bitcoins to any random person.

Phishing

Phishing is one of the most common methods used by cybercriminals and online attackers to defraud Bitcoin users. Phishing is a scam in which the attacker creates an email account that looks original and sends you certain emails with links. As soon as you click on this link, all information stored on your computer is transmitted to the other person. So, if you want to stay protected from phishing scams when using bitcoin, you need to be careful while using the computer where you stored the bitcoin wallet. You should avoid clicking on any malicious and unknown links.

Most of these scams are done through social media. Therefore, if you receive a message on your social media account, you should verify the identity of the person to make sure that they are not trying to be someone else. You should also look for certain signs such as blue ticks as this will help you avoid these scammers.

Fake bitcoin exchanges

Bitcoin is a digital currency, so it can only be purchased over the internet through certain platforms called bitcoin exchanges. Some people have started to use the popularity of online bitcoin exchanges to defraud people because they have set up fake exchanges. These duplicate exchanges appear to be the originals, and if any users fall in love with them and buy bitcoin, they take all of their funds and disappear. So it is essential to be careful when choosing an online bitcoin exchange to buy bitcoin.

These duplicate exchanges are the same as genuine and legitimate exchanges, making it difficult for users to spot a fake exchange. So, to make sure that you don’t end up using a fake exchange, you need to find a reliable bitcoin exchange and mark its URL so that you can visit it anytime without any confusion.

Ransomware

Ransomware is a type of malware that attacks data stored on your cell phone or computer and prevents you from accessing it. It is used by hackers to access sensitive data such as bitcoin private keys and steal funds stored in bitcoin wallets. This is kind of blackmail because hackers block all files and will not allow you to access them until you send them the required payment. And if you don’t pay them the requested amount, they can permanently delete the crucial files. So you need to stay protected against such threats when using bitcoin, and one of the best ways to do that is to install firewall and antivirus on your system.


You might be interested in: What is ransomware? Definition and examples

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